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Press Release: Standex Reports Fiscal Second -3-

· 02/04/2021 16:20
administrative expenses 40,199 38,664 79,069 78,826 Acquisition related costs 570 773 596 1,507 Restructuring costs 509 720 1,996 2,199 Income from operations 16,738 17,639 31,092 33,491 Interest expense 1,601 1,928 3,086 4,050 Other non-operating (income) / expense (60) 588 (231) (331) Total 1,541 2,516 2,855 3,719 Income from continuing operations before income taxes 15,197 15,123 28,237 29,772 Provision for income taxes 3,189 2,831 5,885 6,909 Net income from continuing operations 12,008 12,292 22,352 22,863 Income (loss) from discontinued operations, net of tax (631) (54) (1,258) 1,813 Net income $11,377 $12,238 $21,094 $24,676 Basic earnings per share: Income (loss) from continuing operations $0.98 $0.99 $1.83 $1.85 Income (loss) from discontinued operations (0.05) - (0.10) 0.15 Total $0.93 $0.99 $1.73 $2.00 Diluted earnings per share: Income (loss) from continuing operations $0.98 $0.99 $1.82 $1.84 Income (loss) from discontinued operations (0.05) - (0.10) 0.15 Total $0.93 $0.99 $1.72 $1.99 Average Shares Outstanding Basic 12,195 12,376 12,213 12,359 Diluted 12,270 12,455 12,277 12,427 Standex International Corporation Condensed Consolidated Balance Sheets (unaudited) December 31, June 30, (In thousands) 2020 2020 ASSETS Current assets: Cash and cash equivalents $109,110 $118,809 Accounts receivable, net 100,585 98,157 Inventories 90,710 85,031 Prepaid expenses and other current assets 20,430 18,870 Income taxes receivable 6,281 8,194 Current assets- Discontinued Operations - 2,936 Total current assets 327,116 331,997 Property, plant, equipment, net 135,733 132,533 Intangible assets, net 113,211 106,412 Goodwill 291,836 271,221 Deferred tax asset 16,123 17,322 Operating lease right-of-use asset 44,544 44,788 Other non-current assets 30,094 26,605 Total non-current assets 631,541 598,881 Total assets $958,657 $930,878 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $55,524 $54,910 Accrued liabilities 59,287 59,929 Income taxes payable 3,075 7,428 Current Liabilities- Discontinued Operations - 610 Total current liabilities 117,886 122,877 Long-term debt 200,032 199,150 Operating lease long-term liabilities 34,961 36,293 Accrued pension and other non-current liabilities 107,588 110,926 Total non-current liabilities 342,581 346,369 Stockholders' equity: Common stock 41,976 41,976 Additional paid-in capital 76,548 72,752 Retained earnings 843,038 827,656 Accumulated other comprehensive loss (124,149) (147,659) Treasury shares (339,223) (333,093) Total stockholders' equity 498,190 461,632 Total liabilities and stockholders' equity $958,657 $930,878 Standex International Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (unaudited) Six Months Ended December 31, (In thousands) 2020 2019 Cash Flows from Operating Activities Net income $21,094 $24,676 Income (loss) from discontinued operations (1,258) 1,813 Income from continuing operations 22,352 22,863 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 16,521 16,066 Stock-based compensation 4,288 4,820 Non-cash portion of restructuring charge (492) (149) Life insurance benefit - (1,302) Contributions to defined benefit plans (4,880) (1,932) Net changes in operating assets and liabilities (6,281) (23,636) Net cash provided by operating activities - continuing operations 31,508 16,730 Net cash provided by (used in) operating activities - discontinued operations 2,254 4,930 Net cash provided by (used in) operating activities 33,762 21,660 Cash Flows from Investing Activities Expenditures for property, plant and equipment (10,145) (10,376) Expenditures for acquisitions, net of cash acquired (27,398) - Other investing activities 275 2,020 Net cash (used in) investing activities from continuing operations (37,268) (8,356) Net cash provided by (used in) investing activities from discontinued operations - 9,683 Net cash provided by (used in) investing activities (37,268) 1,327 Cash Flows from Financing Activities Proceeds from borrowings 17,000 34,700 Payments of debt (17,000) (45,500) Contingent consideration payment - (872) Activity under share-based payment plans 971 1,127 Purchase of treasury stock (7,593) (946) Cash dividends paid (5,624) (5,186) Net cash provided by (used in) financing activities (12,246) (16,677) Effect of exchange rate changes on cash 6,053 (536) Net changes in cash and cash equivalents (9,699) 5,774 Cash and cash equivalents at beginning of year 118,809 93,145 Cash and cash equivalents at end of period $109,110 $98,919 Standex International Corporation Selected Segment Data (unaudited) Three Months Ended Six Months Ended December 31, December 31, (In thousands) 2020 2019 2020 2019 Net Sales ---------------- Electronics $60,156 $45,834 $115,427 $92,452 Engraving 37,950 38,256 74,351 76,687 Scientific 17,893 15,414 34,556 30,164 Engineering Technologies 17,507 26,495 35,140 51,139 Specialty Solutions 22,777 27,698 48,095 59,227 Total $156,283 $153,697 $307,569 $309,669 Income from operations ---------------- Electronics $9,962 $7,776 $18,497 $15,875 Engraving 6,501 6,916 12,374 13,454 Scientific 4,234 4,056 8,310 7,761 Engineering Technologies 1,363 3,422 1,831 6,781 Specialty Solutions 3,211 4,341 7,117 9,990 Restructuring (509) (720) (1,996) (2,199) Acquisition Related Costs (570) (773) (596) (1,507) Corporate (7,454) (7,379) (14,445) (16,664) Total $16,738 $17,639 $31,092 $33,491 Standex International Corporation Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) Three Months Ended Six Months Ended December 31, December 31, (In thousands, except % % percentages) 2020 2019 Change 2020 2019 Change Adjusted income from operations and adjusted net income from continuing operations: Net Sales $156,283 $153,697 1.7% $307,569 $309,669 -0.7% Income from operations, as reported $16,738 $17,639 -5.1% $31,092 $33,491 -7.2% Income from operations margin 10.7% 11.5% 10.1% 10.8% Adjustments: Acquisition-related costs 570 773 596 1,507 Restructuring charges 509 720 1,996 2,199 Purchase accounting expenses - - 592 - Adjusted income from operations $17,817 $19,132 -6.9% $34,276 $37,197 -7.9% Adjusted income from operations margin 11.4% 12.4% 11.1% 12.0% Interest and other income (expense), net (1,541) (2,516) (2,855) (3,719) Life insurance benefit - - - (1,302) Provision for income taxes (3,189) (2,831) (5,885) (6,909) Other foreign tax

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February 04, 2021 16:20 ET (21:20 GMT)